Oshawa, 60 kilometres (37 miles) east of downtown Toronto, is heading up in the world, when it comes to the price of real estate. That’s especially true if your definition of luxury real estate is anything over $1 million. The mass exodus out of the bigger cities into regions in the Greater Toronto Area like Durham, York and Halton when the pandemic hit was one reason for that. But it also comes down to where the market sits – a scarcity of luxury listings around Toronto matched up with heightened demand as people look to get off the fence and buy again.
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According to a Sotheby’s study, in the first quarter of 2023 demand heated up, but because of a scarcity of listings transactions were limited. There was a 64 per cent year-over-year decline in Greater Toronto Area residential sales over $4 million in the first quarter of 2023.
However – survey results released by Mustel Group and Sotheby’s showed that 46 per cent of Toronto residents ages 18-77 believe that a home or residential real estate purchase will outperform or match the performance of their financial investments in the next year. That number rises to 60% who believe that a real estate purchase will outperform or match the performance of their financial investments in the next decade.
Oshawa has never had the reputation as a luxury real estate market. But that’s changing. It has a growing population, with beautiful natural surroundings, right on Lake Ontario, with plenty of job prospects, especially a thriving tech sector. What you get there is more bang for your dollar.
Why Oshawa for a luxury real estate purchase?
Oshawa is one of the larger cities in the region, with a population of 170,000. Oshawa is a medium-sized city with a small-town charm. It also has a strong economy, nice culture, and many other things to offer.
What else is there about it?
Healthy real estate market
Oshawa has plenty of opportunities for potential homeowners to build equity. In addition, the Oshawa realtors and real estate agents are renowned in Canada for their customer service, market insights, and negotiation skills.
Whether you’re interested in a detached home, townhouse, or apartment, you can find a property in the city that suits your tastes. You can also find modern homes in the city as well older properties with history and character.
Oshawa is a thriving city with a diverse economic base. The city boasts a low unemployment rate and is home to many prosperous communities. The automotive industry is one of the main employers and provides many jobs. General Motors, one of the world’s top automobile manufacturers, has a base in Oshawa.
Other sector staples include advanced manufacturing, technology, and healthcare. The city provides a number of career opportunities and resources to businesses looking to expand and to entrepreneurs who are looking to start something new.
In addition to the healthy economy and range of job opportunities, Oshawa offers a good quality of life to individuals and businesses. For example, the city has various amenities, activities, and educational opportunities.
There are plenty of parks and trails for walking, cycling, and other outdoor activities. The city also has lots of sports and recreation centers, community centers, and arenas. Oshawa also hosts concerts and cultural events throughout the year at its arenas and parks.
Whether you’re commuting from Oshawa to other cities or are running a business out of the city, you’ll find that Oshawa has an excellent location. The city is conveniently located near major transportation hubs like the International Airport, Toronto’s Union Station, and highways 401 and 407.
Oshawa is a secure place to live and has low crime rates thanks to a trusted police system and a strong economy. The city also has some good healthcare institutions in the country, such as top-rated clinics and hospitals.
As mentioned, there are many recreational opportunities for families in Oshawa, thanks to the parks, community centres, and family-friendly attractions. Oshawa also has good public and private schools. The Oshawa community is diverse and welcoming to families too.
Although Oshawa is a modern-looking city now, it has a long and rich history. The City of Oshawa sits on treaty land that is immersed in interesting Indigenous culture. Oshawa is currently home to many First Nations, Métis and Inuit people. You can learn more about Oshawa’s heritage from its architectural buildings, cultural festivities, and community events.
Oshawa is an excellent place to live, work, and raise a family. It features everything you’d expect from a modern city, yet also offers plenty of culture and history.